Magazine article American Banker

Identrus Slates Launch of Global Security System

Magazine article American Banker

Identrus Slates Launch of Global Security System

Article excerpt

Identrus LLC said the global security system it is building, to be based on digital certificates, will become available in March.

That is when Identrus will deploy its root certificate authority, the "master key" to verifying all other digital certificates.

Identrus aims to secure electronic transactions among millions of businesses all over the world by having banks certify their identities digitally.

"We provide the infrastructure for financial institutions to offer certificates to their customers," said Paul Donfried, chief marketing officer of New York-based Identrus.

The system gives businesses "a proactive ability to know the identity of a counterparty," he said.

To overcome regulatory hurdles in various countries and spread its digital certificate system throughout the world, Identrus plans to deploy its certificates "as a system of private contracts," Mr. Donfried said.

Identrus, a bank-owned consortium founded in October 1998, has sought to eliminate four obstacles to company-to-company business, Mr. Donfried said.

Two of them, time and distance, have largely disappeared with the advent of the Internet, he said.

The other two, trust and comprehension, "are more difficult to overcome."

Working with Baltimore Technologies PLC and Valicert Inc., the Identrus banks have sought to resolve the issue of trust.

Baltimore provides the infrastructure for public key security, and Valicert provides real-time validation of digital certificates.

Baltimore Technologies, which is based in Dublin, has a 70% share of the worldwide public key infrastructure market. …

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